Document Analysis NLP IA
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Summary (IA Generated)
A federal district court in the United States has dismissed a securities fraud class action against Israel-based cryptocurrency firm Bancor.
The case was brought by New York law firms Roche Cyrulnik Freedman and Selendy & Gay in April 2020, alleging that the Bancor protocol developer, BProtocol Foundation, violated federal and state securities laws in the U.
According to a filing seen by Cointelegraph, the court found that activities promoting the BNT token were not sufficient to give the court jurisdiction over the BProtocol Foundation.
The case’s plaintiff, Timothy Holsworth, alleged that he purchased 587 BNT tokens in 2019 from Wisconsin via a digital exchange in Singapore at an aggregate cost of $212.
“The federal securities laws do not reach a purchase and sale outside the United States Wherever the current business location of Bancor, New York is not a reasonable and convenient place to conduct this litigation.